中国国际金融股份有限公司 关于全资子公司中国中金财富证券有限公司 2025 年半年度主要财务数据的公告 证券代码：601995 证券简称：中金公司 公告编号：临 2025-019 二、风险提示 以上中金财富 2025 年半年度主要财务数据未经审计或审阅，最终财务数据 以公司正式披露的 2025 年半年度报告为准，敬请广大投资者注意投资风险。 特此公告。 中国国际金融股份有限公司 董 事 会 2025 年 7 月 18 日 中国国际金融股份有限公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据中国外汇交易中心暨全国银行间同业拆借中心的相关规定，中国国际金 融股份有限公司（以下简称"公司"）全资子公司中国中金财富证券有限公司（以 下简称"中金财富"）将于中国货币网（www.chinamoney.com.cn）披露其 2025 年半年度未经审计或审阅的资产负债表、利润表及净资本计算表。公司现将中金 财富 2025 年半年度未经审计或审阅的主要财务数据披露如下： 一、中金财富 2025 年半年度未经审计或审阅的主要财务数据 截至 20 ...

中金公司：全资子公司中金财富上半年净利9.87亿元 金十数据7月18日讯，中金公司公告，截至6月30日，全资子公司中国中金财富证券有限公司总资产 1933.7亿元，净资产202亿元；1-6月实现营业收入38.21亿元，归属于中金财富所有者的净利润9.87亿 元。 ...

Core Viewpoint - The article discusses the recent rise in bank stocks, exploring the underlying reasons and future sustainability of this trend, focusing on asset allocation, funding dynamics, and the stability of bank earnings [1][5]. Group 1: Recent Rise in Bank Stocks - The rise in Chinese bank stocks can be attributed to three main factors: balance sheet repair, profit improvement, and a leverage bull market. The current phase is characterized by balance sheet repair, driven by the progress in financial risk management [2][6]. - The improvement in asset quality is evident, with a notable decrease in the net bad debt generation rate, indicating healthier balance sheets and a corresponding increase in valuations [2][10]. - The market perception of bank stocks has shifted, recognizing their earnings stability rather than traditional cyclical volatility, which has led to increased investment from various financial institutions [3][4]. Group 2: Funding Dynamics and Asset Allocation - The "asset shortage" phenomenon has driven a shift in funding allocation towards high-dividend assets, including bank stocks, as investors seek to compensate for low yields in a low-interest-rate environment [3][4]. - Insurance companies and asset management companies are increasingly investing in bank stocks due to their stable dividend yields, which meet their asset allocation needs [4][9]. - The comparison of bank stocks with other sectors reveals that banks offer a unique combination of high dividend yields and large market capitalization, making them attractive to institutional investors [4][9]. Group 3: Future Sustainability and Growth Potential - The sustainability of the recent rise in bank stocks is supported by their current valuation levels, which remain below historical averages, suggesting that there is still room for growth [6][7]. - The convergence of dividend yields among different types of banks indicates a trend towards stability and reduced risk premiums, enhancing the attractiveness of bank stocks [6][12]. - The potential for further appreciation in bank stock prices is linked to successful debt restructuring and improved investor confidence in the sustainability of smaller banks [6][7]. Group 4: Stock Selection Criteria - Preference is given to H-shares over A-shares due to tax advantages for insurance investments and higher dividend yields in the Hong Kong market [9]. - Stocks with high and stable dividend yields, particularly from large banks, are favored for their consistent profit expectations [9]. - The selection of bank stocks should also consider performance stability, which is influenced by factors such as liability capacity and organizational efficiency [9].

文/梧桐数据中心 2025年上半年，A股IPO终止企业共计74家。其中，51家在上会前撤回，18家在过会后撤回，5家在提交注册后撤回。从拟上板块来看，沪主 板共终止14家，科创板共终止3家，深主板共终止9家，创业板共终止21家，北交所共终止27家。 本文统计2025年上半年A股IPO终止的74家企业，具体情况如下表： | 受理后终止: | | | | | --- | --- | --- | --- | | 企业名称 | 企业简称 | 拟上板块 | 终止日期 | | 青岛海湾化学股份有限公司 | 海湾化学 | 沪主板 | 2025/6/20 | | 北京天星医疗股份有限公司 | 天星医疗 | 科创板 | 2025/6/6 | | 青岛青禾人造草坪股份有限公司 | 青岛青木 | 沪主板 | 2025/5/30 | | 浙江升华云峰新材股份有限公司 | 云峰新材 | 沪主板 | 2025/4/21 | | 厦门市政环能股份有限公司 | 厦门环能 | 沪主板 | 2025/3/31 | | 湖南中创化工股份有限公司 | 中创化工 | 沪王板 | 2025/3/28 | | 中国茶叶股份有限公司 | 中国茶叶 | 沪主 ...

清华大学五道口金融学院不动产金融研究中心于7月12日在京举办《城中村改造的金融创新》课题中期研讨会，聚焦城中村改造如何通过政策协同、工具 创新及模式闭环推动良好生态构建。会议总结：破解城中村改造瓶颈的核心在于构建可持续的商业模式。对此，应厘清项目合规性基础，针对不同改造模 式设计分类工具与政策方案，最终形成覆盖城中村改造全生命周期的良好金融生态。 本次会议由学院不动产金融研究中心主办。中国证监会原主席肖钢，中国房地产业协会副会长兼秘书长张其光，中国人民银行金融研究所所长丁志杰，住 房和城乡建设部住房保障司副司长翟波出席会议。来自深圳安居、建设银行、中咨公司、中金公司、中伦律所、山西建投、鑫苑集团的20余位课题组专家 及行业机构领导参会研讨。清华大学五道口金融学院研究员、不动产金融论坛秘书长魏晨阳开场发言。不动产金融研究中心研究总监郭翔宇主持会议。 【图为会议现场】 导读 在课题研讨环节，相关政策部门、金融机构和业界专家围绕课题深化方向和行业核心痛点提出了宝贵的指导意见，从宏观形势、模式研判、金融工具创 新、可持续商业模式以及现实困境等多个维度进行了深入解读。 丁志杰围绕城中村改造的模式创新与政策支持提出三点思 ...

Core Viewpoint - The CICC ESG rating system has been updated to version 2.0 in October 2023, integrating financial importance characteristics and industry research insights into its framework, while also reflecting domestic ESG development trends and international standards [3][10][12]. Overview of CICC ESG Rating - The CICC ESG rating system is built on a general process that incorporates industry and company understanding, with a focus on carbon neutrality and other hot topics [3][10]. - The rating system features three main characteristics: alignment with international ESG standards, comprehensive integration of ESG and industry research, and quantitative methods enhancing data resources and indicator systems [12][13]. 2025Q2 Update: Sample Overview - In 2025Q2, the ESG scores for A-shares showed a right-skewed distribution, with scores concentrated between 1.5 and 8, while Hong Kong stocks exhibited a multi-modal distribution with scores mainly between 4 and 9 [17][25]. - The average ESG score for A-shares was 4.10, and the median was 3.77, while for Hong Kong stocks, the average was 6.10 and the median was 6.33 [17][25]. Industry Perspective - The CICC ESG rating framework is structured based on GICS secondary industry characteristics, leading to differences in indicator frameworks and score distributions across industries [5]. - Leading companies in the ESG ratings within industries such as energy, telecommunications, and food and beverage have significant market capitalization effects, while stability in rankings is observed in insurance and consumer goods sectors [5][49]. Individual Stock Perspective - The CICC ESG rating includes total ESG scores and scores for environmental, social, and governance dimensions, with scores standardized within GICS secondary industries, ranging from 0 to 10 [7][56]. - The report provides a summary of ESG scores for A-shares and Hong Kong stocks, reflecting relative performance within their respective industries [7][56]. Rating Characteristics - The rating results indicate a positive correlation between market capitalization and ESG scores, with larger companies generally achieving higher scores [36]. - The analysis shows that stock price risk, measured by maximum drawdown and VaR, is positively correlated with ESG scores, suggesting that better ESG performance may help manage investment risks [45][47]. Conclusion - The CICC ESG rating system continues to evolve, reflecting both international standards and local characteristics, while providing valuable insights into the ESG performance of companies across different industries and market capitalizations [3][12][13].

保荐人 （北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层） 二零二五年七月 关于汉桑（南京）科技股份有限公司 首次公开发行股票并在创业板上市的上市保荐书 深圳证券交易所： 汉桑（南京）科技股份有限公司（以下简称"汉桑科技"、"公司"或"发行人"） 拟申请首次公开发行股票并在创业板上市（以下简称"本次证券发行"或"本次发 行"），并已聘请中国国际金融股份有限公司（以下简称"中金公司"）作为首次公开 发行股票并在创业板上市的保荐人（以下简称"本机构"或"保荐机构"）。 关于汉桑（南京）科技股份有限公司 首次公开发行股票并在创业板上市的 上市保荐书 保荐机构及其保荐代表人已根据《中华人民共和国公司法》（以下简称"《公司 法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《首次公开发行股票 注册管理办法》 （以下简称"《首发办法》"）、 《证券发行上市保荐业务管理办法》 《深 圳证券交易所股票发行上市审核业务指引第 2 号——上市保荐书内容与格式》《深圳证 券交易所创业板股票上市规则（2025 年修订）》（以下简称"《创业板上市规则》"） 等有关规定，诚实守信，勤勉尽责，严格按照依 ...

Core Viewpoint - Huadian New Energy is the first among the five major state-owned power groups to complete the integration and listing of renewable energy generation assets, aligning with the national "dual carbon" goals and the high-quality development of the renewable energy sector during the 14th Five-Year Plan period [2] Group 1: Company Overview - Huadian New Energy serves as the sole platform for the integration of China Huadian's wind and solar power businesses, with a total installed capacity of 68.6171 million kilowatts as of December 31, 2024, ranking among the industry leaders in both installed capacity and power generation [3] - The company has actively responded to national strategies for building clean energy bases, significantly promoting large-scale development in the "Three North" regions, leading the industry in the scale of clean energy base development rights [3] Group 2: Financial and Market Impact - The project represents the first IPO of over 10 billion yuan on the main board since the implementation of the comprehensive registration system, marking the largest A-share IPO project by a state-owned enterprise in the past three years and the largest strategic placement scale in the power industry to date [3] - The offline overall subscription multiple set a record for the highest in nearly five years for state-owned enterprises with projects exceeding 10 billion yuan [3] Group 3: Strategic Partnerships and Support - CICC has provided deep service to China Huadian for over 20 years, assisting in capital operation planning and leading the privatization of Huadian Fuxin, the restructuring of China Huadian's renewable energy assets, and the introduction of strategic investors for Huadian New Energy's A-share IPO [2][3] - CICC uniquely managed key arrangements such as issuance communication, strategic placement, and "green shoe" stabilization, successfully attracting numerous high-quality long-term capital during the strategic placement process [3]

据港交所文件：奥克斯电气有限公司向港交所提交上市申请书，中金公司为独家保荐人。 相关链接 ...

出品｜搜狐财经 作者｜汪梦婷 今年上半年，券商交出了一份靓丽的成绩单。 受益于权益市场景气度提升，成交额、投行融资额同比增长强劲，券商经纪、自营、投行等多项业务回暖，已披露业绩预告的28家券商净利润悉数上涨，国 联民生、华西证券净利润增幅甚至超过十倍。 从行业格局看，"强者恒强"趋势仍在深化，头部碾压优势愈发显著。上半年，国泰海通一家预告净利润152.83亿元-159.57亿元，超过尾部十家券商的利润总 和，中小券商的高增长光环下暗藏着低基数的无奈。 在资本市场表现上，近期A股市场券商板块多次异动拉升，港股券商股涨势尤为凌厉。不少分析师看好券商板块后市机会，在风险偏好提升+基本面改善+业 务创新三重催化下，券商估值或将进一步修复。 28家券商业绩预喜，2家净利润增1000% 券商半年业绩"涨声一片"。 Wind数据显示，截止7月15日，已披露业绩预告的28家券商净利润全线上涨，其中26家为预增，2家扭亏为盈。头部券商中，国泰海通以近160亿的预估净利 润傲视群雄，中信建投、申万宏源等头部机构稳居前列。 | | 2025年上半年券商业绩预钉 | | | --- | --- | --- | | 证券简称 | 预告 ...